Paris Market 'Charter' Pays Off In Crunch, Say French Bankers

BANKS

Traders at banks in France say that last June's market-making agreement has paid off in the past year, particularly during the chaotic trading in the franc over the past couple of weeks. "Liquidity has remained good--much better than it was before," says Rafaèl Martorell, chief franc trader for J.P. Morgan in Paris. "The 'club' has worked very well." Agrees Philippe Matsis, chief mark/Paris trader at Credit Lyonnais in Paris, "There's been an undeniable effect. All the banks have made a big